Heinz Australia buys Golden Circle for $220 mln
MELBOURNE, Oct 6 (Reuters) - The Australian unit of H.J. Heinz Co (HNZ.N) will buy food producer Golden Circle Ltd in a deal valuing the canned fruit and juice producer at about A$288 million ($220 million), the companies said on Monday.
The board of Golden Circle urged its 850 shareholders, mainly pineapple farmers in northern Queensland state, to vote in favour of the A$1.65-a-share deal at a meeting in December, unless a higher offer emerged.
The takeover by H.J. Heinz Co Australia Ltd requires approval of at least 75 percent of Golden Circle shareholders.
It is the latest deal in a consolidation of Australia's food and beverage industry, with Japanese brewer Kirin (2503.T) recently buying dairy producer Dairy Farmers for $780 million and Australian food producer National Foods for $1 billion late last year.
Golden Circle's largest shareholder, private equity firm Anchorage Capital Partners, with a 35 percent stake, said it would support the Heinz offer.
Last year, Golden Circle rejected a A$195 million offer from Australian food and beverages group Coca-Cola Amatil Ltd (CCL.AX) as too low, in favour of a recapitalisation deal with Anchorage. ($1=A$1.32) (Reporting by Victoria Thieberger)
